Claro Advisors LLC Boosts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Claro Advisors LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 9.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,065 shares of the natural resource company’s stock after buying an additional 501 shares during the period. Claro Advisors LLC’s holdings in Freeport-McMoRan were worth $285,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FCX. Belpointe Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 38.6% in the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after acquiring an additional 4,703 shares during the last quarter. Fisher Asset Management LLC boosted its position in Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock valued at $2,369,312,000 after buying an additional 976,592 shares during the period. Oaktree Capital Management LP grew its stake in shares of Freeport-McMoRan by 7.8% during the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after buying an additional 211,608 shares during the last quarter. Signature Estate & Investment Advisors LLC grew its stake in shares of Freeport-McMoRan by 6.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after buying an additional 20,894 shares during the last quarter. Finally, Cadinha & Co. LLC increased its holdings in shares of Freeport-McMoRan by 59.0% in the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after buying an additional 240,340 shares during the period. Institutional investors own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the transaction, the chief executive officer now owns 3,707,249 shares of the company’s stock, valued at approximately $187,438,509.44. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Richard C. Adkerson sold 169,229 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the transaction, the chief executive officer now directly owns 3,707,249 shares of the company’s stock, valued at approximately $187,438,509.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the transaction, the vice president now owns 164,067 shares in the company, valued at $8,529,843.33. The disclosure for this sale can be found here. Insiders have sold 445,667 shares of company stock valued at $22,755,070 over the last ninety days. Insiders own 0.79% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FCX shares. Scotiabank increased their target price on Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a report on Thursday, May 30th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $49.50 to $62.00 in a report on Friday, June 21st. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Stock Down 0.4 %

NYSE:FCX opened at $48.42 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The firm’s 50-day moving average price is $50.56 and its 200-day moving average price is $45.21. The company has a market capitalization of $69.55 billion, a PE ratio of 42.85, a P/E/G ratio of 1.99 and a beta of 1.92. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter last year, the company earned $0.52 EPS. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.74 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.